Skip to content
Off-topic for aiqbench

Off-topic for aiqbench

This story was gathered from a source we follow but falls outside AI and quantum coverage, so there is no aiqbench take for it.

10 million Americans are using advance loan apps to get their paychecks in advance—and it’s costing them hundreds of dollars more, report finds

Fortune5 min read

More than 95% of payday loans through direct-to-consumer apps included fees or voluntary “tips,” and these extra charges are piling up.

As Americans continue to face persistent affordability concerns, they’re turning to loan tools that are actually leaving them even more strapped for cash. Those tools include apps that allow individuals to receive cash in between paychecks and are costing them hundreds of dollars each year in fees, according to a recent report. An analysis by the Center for Responsible Lending’s Julian Bond Institute of bank transactions from 10,000 consumers, found 96% of direct-to-consumer versions of payday loans included fees or “tips,” which amounted to nearly $208 per year on average, or about $17…

Excerpt shown under the publisher's RSS terms · 93 words · full text and figures are on the publisher's site

Related coverage